Remember that Pomp interview with Nick Nemo about private credit marking its own homework?
Apollo just capped withdrawals on their $25B debt fund after redemption requests hit 11%. Investors want out and they're being told not so fast.
This is exactly the scenario Nick warned about. These funds hold illiquid assets but promise periodic liquidity. When too many people head for the exits at once, they gate redemptions, your money is locked in while the fund decides how much you're allowed to take out.
$13 trillion in private credit. Self-marked assets. Gated withdrawals.
Apollo just capped withdrawals on their $25B debt fund after redemption requests hit 11%. Investors want out and they're being told not so fast.
This is exactly the scenario Nick warned about. These funds hold illiquid assets but promise periodic liquidity. When too many people head for the exits at once, they gate redemptions, your money is locked in while the fund decides how much you're allowed to take out.
$13 trillion in private credit. Self-marked assets. Gated withdrawals.
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